US Markets Rally After Hours On Optimism For An End To Middle East Tensions

• The report said that it is unclear if Iran will accept the proposal which was sent via Pakistan or U.S.’s ally Israel is on board with it.
• According to a report from Reuters, Trump told reporters that negotiations to end the war were already taking place and that the Iranians would like to make a deal.
• He also hinted that Iran has offered a “big present” related to energy flows through the Strait of Hormuz, without elaborating further.  

U.S. stock markets edged up after hours on Tuesday following reports that Washington had sent a 15-point proposal to end the war with Iran.

The SPDR S&P 500 ETF (SPY), which tracks the S&P 500 index, climbed 0.6% at the time of writing, the Invesco QQQ Trust ETF (QQQ) was up 0.80%, and the SPDR Dow Jones Industrial Average ETF Trust (DIA) was 0.61% higher.

According to a report from The New York Times, citing two unnamed officials, the U.S. has sent Iran a plan for ending the war in the Middle East. The report said that it is unclear if Iran will accept the proposal which was sent via Pakistan or U.S.’s ally Israel is on board with it. As per the newspaper, the plan addresses Iran’s ballistic missile and nuclear programs as well as maritime routes.

The news comes as the ongoing war in the Middle East stretches into its fourth week. Iran has blocked the strategic waterway Strait of Hormuz, where 20% of the world's oil usually transits, effectively disrupting oil supplies worldwide and sending prices soaring.

According to a report from Reuters, Trump told reporters that negotiations to end the war were already taking place and that the Iranians would like to make a deal. He also hinted that Iran has offered a “big present” related to energy flows through the Strait of Hormuz, without elaborating further.  

Reuters also quoted Israel's Channel 12 as reporting that the U.S. is seeking a month-long ceasefire to discuss the 15-point plan. However, Iran has maintained publicly that no negotiations are happening.

The United States Oil Fund (USO), which tracks the movement of WTI crude, was down nearly 3% in Tuesday’s extended trading hours following the news.

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